This holiday is likely to cause more inconvenience to the public who have already been thronging banks and ATMs to get a hold of their money on account of the ban on old Rs 500 and Rs 1000 notes. The holiday will also pause the exchange of old notes, and deposit of money to the banks.

Indian banks received Rs 2 lakh crore ($29.8 billion) of cash after the government's 8 November surprise move to abolish high-denomination banknotes, as customers queued for hours to deposit or exchange the old bills and ATMs ran dry.

New Rs 500 notes have been introduced in Delhi, Mumbai and Bhopal on Sunday. Some of the State Bank of India ATMs have been recalibrated and may start dispensing these new notes.

With the banned bills accounting for 86 percent of money out of circulation, there is tremendous pressure on the nation's banking system to replenish the cash. More than 70 million transactions were recorded through midday 12 November, the Ministry of Finance said in a statement late Saturday.